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Bulgarian Property & Real Estate News


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A buyers market in Bulgarian properties


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During the latter half of 2011, the sales manager from Bulgaria’s leading real estate agent Bulgarian Properties, Polina Stoykova commented on the Bulgarian property market trends in an interview. According to her, the real estate market in Bulgaria is still the market of the buyers. She had justified this with the help of some facts.

She revealed that the property market in the state began to stabilize in the latter half of 2010 after which there was no great change in the prices of the Bulgarian property for sale. Due to the absence of any major fluctuations in demand as well as in prices, people can conclude that the current time period is of stabilization in terms of deals and prices as well.

The official surveys and statistics of early 2011 also had shown a fall of 2% in the prices of property in Bulgaria although it is a hidden decrease. Furthermore, Bulgarian Properties collected some details that showed a fall in the prices of a few holiday homes, especially the ones in the area of winter resorts. They, therefore, concluded that on a whole, the property rates are neither rising nor falling. She also said that the company now expects the buyers to play live to buy Bulgaria property by choosing one of the best deals.

Happily, this activeness among the buyers has been seen in the apartment market of the big Bulgarian cities. However, it is the Sofia market that has now become the most dynamic one because of the highest number of demands. It is true that the buyers tend to seek Bulgaria property for sale to live, and not for investment. Even the foreign buyers are approaching for visiting properties in the country’s seaside resorts.

 

Furthermore, the property market in the regions of northeastern Bulgaria also shows that buyers are more than the deals. Varna is the only exception here because of it being the area of coastal resorts that bring in more deals and active buyers. Similarly, in the holiday home sector, more and more prospects are searching for cheap finished apartments. Fortunately, there are relevant offers and deals in the market. They concluded that what is actually interesting is the set of deals for coastal holiday homes, which conclude throughout the year and not just in the summer season.

The lady also accepted that the most active months for buying property in the country are at the year’s beginning, especially the time from March – May; as well as at the year’s end. According to the seasons, winter attracts most foreign buyers who prefer buying ski resorts, while summer attract buyers who are looking for seaside resorts. But this information is relative and nothing can be assured about its consistency, said Miss Polina.

According to her, after the commencement of the crisis, only the genuine real estate companies survive. These are the ones who invest in enhancing the quality of services. For example, Bulgarian Properties always has tried to give tips, hints, advices, forecasts, and market trends constantly.


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Bulgarian properties down substantially since 2008


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According to the latest reports, the value of the Bulgarian properties has dropped by approximately 50% after rising in 2008. This also includes the most demanded Bulgarian property types such as ski resorts and beach resorts.

According to the COM, the ski resort of Borovets has witnessed a hike in the demand from the investors even after the fall of prices by 18% on an average in 2011. Furthermore, one more place on the radar in the Sunny Beach that is nestled on the Black Sea shore. This is another place that is attracting the hunters for investing in property in Bulgaria. These are actually Russian buyers who are contributing a lot to sustain holiday home market

Even the price of a country home, another Bulgarian property for sale, has fallen to levels that were last observed in 2006. Bulgarian Properties that is the most prominent estate agency have revealed that since 2012, the rural properties are sold for only €15,500 on an average, which is considerably lower than €18,900, the price for the same period in 2011. The estate agency added that this lowered price for rural Bulgaria property for sale was identical to the mean price that prevailed in the 2011’s last quarter. Nowadays, one can easily buy Bulgaria property in rural areas just for a price that ranges from €10,000 to €20,000. However, it cannot be denied that a significant demand is also there for costlier houses, especially the ones that are near to a resort or a town.

The COM explained that the rural houses of the modern times are of higher quality. A majority of these properties has been refurbished to meet the high standards so that people can live in with maximum comfort. However, they are now offered at the prices of 2006, which make them good value for money. Bulgarian Properties said that the rural houses in and around the coastal regions, including Varna, Bourgas, and Dobrich; in the central Bulgaria villages; and near the cities of Veliko Tarnovo, Plovdiv, and Stara Zagora are pulling more buyers.

The latest trend is that despite ongoing falls in real estate values, a few areas are attracting the overseas property buyers. On this, the company agent explained that this is perhaps the outcome of the improved property rights in the nation. Moreover, the nation is now looked upon as a safer destination for buying houses. This is because more protection is now being provided to the property buyers in the nation.

According to the 2012 report from the Market Economy’s Index Property Rights, in the list of protection level of physical property offered in over 120 nations of the world, Bulgaria grabs the 62nd rank for obtaining 5.4/10. This is actually an improvement because the same score was only 4.9 in the year 2007. So, Bulgarian Properties have accepted that the properties in the country are safer and more affordable than before.


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Bulgarian properties for sale online


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Given the numerous opportunities that the real estate market affords investors currently, it is no wonder that there has been a lot of interest and increasing inflows of capital into the market. People are taking advantage of the numerous opportunities, be it to make money in the process to buy a home in the country at affordable rates. One of the avenues that investors use in order to take advantage of the many opportunities to sell and to buy Bulgarian properties is the internet.

This is mainly because people are realizing the many benefits that come with using the internet for business. With the advances made in technology and the improvement of online security services, it has become convenient and effective for one to search for Bulgarian properties for sale online. One of the major reasons why people prefer to do this is the fact that it affords them a lot of convenience in buying property for sale in Bulgaria. This is so because one does not need to travel the whole country in search for property to buy, especially in the current existing conditions. All that one has to do is to scroll through the various properties and then decide on which ones he or she wants to specifically physically inspect. This saves a lot of time especially when it comes to transport costs which one would have spent traversing the country in a bid to buy Bulgarian property. Read more…


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Property in Bulgaria – things to consider if buying Bulgarian properties


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The current real estate market in Bulgaria is very promising and has a lot of business opportunities for one to make a lot of money. Bulgarian properties are at their lowest price level in many years making this an ideal time to invest. Whether it is in terms of long term investments where one wants to keep the Bulgarian properties for a long period of time before deciding whether to sell it or where one wants to find property in Bulgaria for the sake of developing it and then selling it after a short while. For both types of investors, a key thing that they should keep in mind is that as long as making a profit is their key concern, the type of properties in Bulgaria that they settle for and the prices that they choose to buy property in Bulgaria. In addition to the low prices and excellent opportunities for investing in Bulgaria, the Bulgarian law regarding property ownership has recently changed to allow foreigners to purchase Bulgarian properties in their own name and provides additional protection for the buyers. We will write more about these changes to the ownership laws in a future update but for now you can be confident that the process for buying Bulgarian properties has been much more streamlined.

The first question that any person should ask himself or herself has to do with the type of property that the particular person wants. This is because there are various types of property in Bulgaria and thus one should be sure of what he or she really wants. The decision on which properties in Bulgaria one wants should be based on the particular investor’s needs and liking. He or she will have to consider the purpose for which the piece of real estate that he intends to buy will be put to use. This will also depend on the particular business that the person is involved in. People who mainly deal in apartments will look for apartment properties on sale, while those who specialize in trading in home real estate properties and who believe the current market for Bulgarian properties is favorable for such, he or she will have to look for real estate that has been designed as a home. Read more…


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Bulgarian Real Estate 2012 – market advice


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The Bulgaria real estate industry currently has a lot of investment opportunities which many investors are rushing to take advantage of. This is especially so given the recent steps the industry has made in ensuring that the service delivery and transactions in the sector are streamlined. The regulations have over the years been streamlined, removing any unnecessary bureaucratic requirements while putting in place ones which ensure that a person seeking to buy Bulgarian real estate is well protected and encounters no obstacles in acquiring Bulgaria property. Having decreased over the last 2 to 3 years investment in property in Bulgaria is once again picking up.

The March 2012 market data from the National Statistics Institute in Sofia revealed that activity in the construction sector increased almost 2% over the February figure. In the civil engineering sector the increase was even greater and reached over 3% growth. The Bulgarian Economic ministry points to the data indicating an increase in demand for real estate from overseas as well as a surge in local demand recently. Credit conditions have improved recently and local Bulgarians are gradually dipping their toes back in the property market.

While exports have decreased marginally in the January-February 2012 period the reduction in GDP has been offset by a surge in tourist numbers. An increase in tourists from Greece and Russia has resulted in a record winter tourist season. Local hoteliers and tourist companies are gearing up for a busy summer as tourist numbers are expected to grow across the country. Over 1.5 million tourists are expected from Romania according to the latest information from the Institute for Tourism. This reflects an over 10% increase on the previous year. Read more…


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Bulgaria Property market 2012


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Slightly more positive news is beginning to emerge from the Bulgaria property sector. Recent reports from several local real estate agents indicate that the is still life in the Bulgaria property market. Despite a difficult 3-4 years which saw a Bulgaria property crash due to over investment in several areas, local real estate agents Bulgarian Properties and Yavlena are predicting a better future for the Bulgaria property market.

Lately the Yavlena estate agency has reported that transaction level are up significantly in 2012 and investment deals have reached over €200 million. Recent sales show that Bulgaria property prices have stablised and are now beginning to over good value when yields and rental returns are considered.

The Bulgarian Properties agency has noted that higher end properties are doing better. During 2011 Bulgarian property prices continued to decline for lower end properties however the market for more exclusive luxury properties as held up better. In this sector of the Bulgaria property market the prices appear to have stabilized largely because there is a limited supply of suitable properties. In their recent Bulgaria real estate price reports they noted that properties in Bansko continue to decline due to oversupply in that area while chalets in Borovets and properties in Borovets ski resort are proving more resilient due to less supply and better quality.

The market of course has not returned to the glory days of 2008 when investors from all over Europe were clamoring to buy Bulgaria property. During the period 2003 to 2009 many overseas property investors considered Bulgarian property to be one of the investment hotspots in Eastern Europe. However when the global credit crisis hit in 2008 this had the effect of sucking a lot of cheap credit out the Bulgaria property market and thus effecting the price of Bulgarian properties for sale. Read more…


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Foreign Investments continue in Bulgaria Properties


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It is every country’s wish to have an increasing number of foreign investors choosing their country as the choice destination for their various investment endeavors. Every country tries to encourage this by use of various incentives such as tax advantages extended to investors in addition to increasing the flow of investments. This is so mainly because most countries realize the benefits that come with increased investments.

Bulgaria has managed to provide an ample environment for investors and thus making it possible for investors interested in buying Bulgaria Properties to easily carry out their transactions. This, the government of Bulgaria has been able to achieve in recent years through the simplification of the various requirements and procedures that are mandatory for one to comply with before being allowed to invest in Bulgaria properties for sale. This simplification of requirements has significantly reduced the cost and time required for people to get to own Bulgaria properties, thus making the country very attractive to foreign investors. The reduction of income and corporate taxes to just 10% has also greatly encouraged investments in Bulgaria

The country has worked to improve transparency in the Bulgaria properties market, and this level of predictability has also added to its allure as a target for foreign investors to buy Bulgaria properties for sale. Several new laws were passed in 2011, aimed at improving the quality of Bulgarian real estate agents and introducing better controls within the real estate sector. The increase in the level of investments has seen various developments in the whole economy of the country as it has meant that there are more capital inflows. This has led to the consistent developments of other sectors of the economy in the country. The buildup of infrastructure, spurred by both the increasing money flow in the country and the country’s need to boost the Bulgaria property sales has also led to increasing economical activities in other sectors as the environment in the country is being made better and better. Read more…


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Bulgarian commerical property sector starts to recover


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There are signs that Bulgaria’s commercial and retail property markets are starting to recover. Several new entrants into the local property market have shuck things up and revitalized interest.

In Sofia the arrival of the Ikea furniture store has certainly increased competition in the furniture segment. As a result of Ikea arrival several other furniture retailers are modifying their offers and in some cased relocating their retail premises in order to compete better. Some existing shop simply cannot compete with the new entrants and will most like close down their operations.

The main new commercial property projects that are planned for Sofia in the next 12 months are Bulgaria Mall, Sofia Ring Mall and Paradise Center. Together these developments will bring almost 200,000 m2 of new commercial and retail property onto the Sofia property market. Read more…


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Bulgarian properties down but not out


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The latest report from the Bulgarian Properties real estate agent in Sofia shows that prices for holiday properties across the country have dropped in 2011. The largest drops were in Sunny Beach and Bansko where prices are now less than 50% of the level they were in 2008. In terms of the ski resorts there is still a large over supply of properties in the Bansko area and this is forcing prices lower. Average prices in Bansko are now around 400-460 euros per m2 however there are still many properties available on the market so buyers must be cautious. Prices for Borovets properties are stronger as there is very little supply in the area.

UK holiday home purchasers have been replaced by Russians as the largest purchasers of Bulgarian holiday properties. Investors from Ukraine, Greece and Serbia are also showing interest in Bulgarian properties. Read more…


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Property in Bulgaria still popular with overseas investors


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The latest survey from overseas property specialist TheMoveChannel has highlighted property in Bulgaria as still in the top 10 property locations for overseas investors.

The information was extracted from the overseas property enquiries  received by the website during 2011. Almost 3% of enquiries related to Bulgarian property meaning property in Bulgaria was the 8th most popular choice for British buyers.

The website director Dan Johnson also mentioned that Bulgaria property sales have been increasing throughout 2011, with low prices for winter ski property attracting most investors. In his opinion it is easy to understand the increased demand as prices are now at their lowest level in many years and offer an attractive location to place funds in the current uncertain banking environment.
He expects that the trend will continue in 2012 with the focus remaining on cheap ski property in the winter resorts.

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